(a) That is a highway modernization transportation project or capacity building transportation project proposed for construction in the Statewide Transportation Improvement Program; and

(b) That is estimated to cost at least $15 million.

(2) As a part of the project scoping phase, the Department of Transportation shall prepare a written analysis of the costs and benefits of a transportation project. The analysis must state:

(a) The scope of the project;

(b) The period of analysis;

(c) The discount rate used in the analysis;

(d) The estimated costs to the department to undertake the project, including any costs for design, purchasing highway right-of-way and construction;

(e) The future costs to the department to preserve and maintain the project, discounted to present value;

(f) Any other costs to the department;

(g) The costs to highway users that are associated with the project, including loss of safety, delays in the time of travel and additional expenses for operating vehicles;

(h) The costs of any environmental impacts, including vehicle emissions and noise; and

(i) The value of the benefits of the project, including the value of any:

(A) Savings in the time of travel;

(B) Improvements to safety;

(C) Savings in the cost of operating vehicles; and

(D) Other social, economic or environmental benefits of the project.

(3) The analysis required by this section:

(a) Must include a discussion of increases in costs that would result from delays in the performance of routine maintenance scheduled by the department;

(b) May include a discussion of:

(A) The costs of the project for any other persons and governmental agencies; and

(B) Any costs or benefits which may result from the use of alternative design, construction or financing practices; and

(c) Must be prepared in a format that allows for the comparison of proposed transportation projects.

(4) The analysis required by this section must be made available to the commission and the public when the agenda is posted for the meeting at which the proposal will be submitted to the commission for its approval.

(5) This section does not apply to transportation projects listed in ORS 367.095 or 383.150 or section 71d or 71f, chapter 750, Oregon Laws 2017. [2017 c.750 §13]